BLUFFTON, SC—Banyan Investment Group and Investra Investments have purchased the Holiday Inn Express & Suites here.
The property was acquired from Veritas Hospitality Group, a division of the Stafford Companies, based in Tifton, GA. Loxi Hospitality provided advisory services with the transaction. The 112-room, four-floor hotel features 1,250 sq. ft. of meeting space, a business center and a seasonal outdoor swimming pool. It is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston.
This deal represents the second joint venture in 2014 for Banyan Investment Group and Investra Investment that together total $20 million in acquisition and improvement costs. Both projects are in the southeast.
“Our two firms continue to actively pursue additional acquisitions of premium select service properties in strategic sub-markets throughout the United States,” stated Andy Chopra, chief investment officer and a principal with Banyan Investment Group.